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W maju 2022 r. Komisja przedstawiła wniosek („DEBRA”) mający na celu rozwiązanie problemu uprzywilejowania finansowania dłużnego w stosunku do kapitałowego w opodatkowaniu osób prawnych. Jako że pod względem podatkowym zadłużenie jest korzystniejsze niż kapitał własny, przy finansowaniu nowych inwestycji firmy europejskie znacznie częściej uciekają się do kredytów bankowych. Aby zaradzić temu zjawisku, Komisja proponuje wprowadzić ulgę, dzięki której pod kątem podatków kapitał będzie traktowany tak ...

Two European Union (EU) directives regulate the EU collective investment funds industry: the Directive relating to undertakings for collective investment in transferable securities (UCITS) and the Alternative Investment Funds Manager Directive (AIFMD). The UCITS Directive, which covers mutual funds, lays down uniform rules, allowing them to be offered cross-border, while the AIFMD, which covers hedge funds and private equity, lays down the rules for authorising, supervising and overseeing the managers ...

This briefing presents, in tabular form, information available on submitted payment requests under the Recovery and Resilience Facility (RRF), and of Commission disbursements following approval of such requests. It will be regularly updated.

W grudniu 2021 r. Komisja Europejska przedstawiła wniosek dotyczący zmiany rozporządzenia 2020/2093 w sprawie wieloletnich ram finansowych (WRF) na lata 2021–2027. Proponowany ukierunkowany przegląd ma następujące cele: a) podniesienie pułapów WRF w celu włączenia społecznego funduszu klimatycznego oraz b) wprowadzenie automatycznego corocznego dostosowania pułapów WRF w oparciu o nowe zasoby własne, aby umożliwić spłatę pożyczek w ramach Next Generation EU. W dniu 31 sierpnia Komisja Budżetowa przyjęła ...

On 2 August 2021, the International Monetary Fund (IMF) announced that an exceptionally large allocation of special drawing rights (SDRs), worth US$650 billion (€550 billion), had been approved with effect from 23 August 2021. The SDR allocation, the largest in the IMF's history, would serve to 'boost global liquidity' and help all members 'address the long-term global need for reserves'. The initiative complies with the IMF's mission of monitoring and promoting stability on the international monetary ...

Negative interest rate policies (NIRP) have become an established monetary policy instrument in the toolkit of the ECB. We discuss NIRP in the euro area based on theoretical considerations and available empirical evidence. We find that NIRP had some positive impact on loan growth and investment in the euro area, but that the room to further loosen monetary policy via NIRP may be small. NIRP is discussed also in the context of the general monetary policy environment. This paper was provided by ...

In June 2014, the European Central Bank (ECB) was among the first major central banks to lower policy rates into negative territory. The deposit facility rate was subsequently cut four more times, lastly in September 2019 (to -0.5%). As an unconventional monetary policy instrument used over a prolonged period, negative interest rates require attention because of their uncertain or possibly negative side effects on the banking sector and economy at large. Four papers were prepared by the ECON Committee ...

As the COVID-19 pandemic hits all Member States severely, some initial signs are surfacing of what is likely to be a substantial increase in bank non-performing loans (NPLs) in the coming months. Strengthening the tools needed to face the problems caused by NPLs is therefore of foremost importance. This paper argues that asset management companies (AMCs) can be an effective tool in this direction. It further discusses the legal issues related to their implementation, presenting several examples from ...

This document presents summaries of seven external papers commissioned by the European Parliament in November 2020 upon request of the Economic and Monetary Committee (ECON). Papers were delivered, analysed and published in March 2021. ECON has requested its Banking Expert Panel to address the topic of “Non-performing Loans – New Risks and Policies”.

This document presents the summaries of four external papers commissioned by EGOV in November 2020 upon request of the Economic and Monetary Committee (ECON). Papers were delivered, analysed and published in March 2021. ECON has requested its Banking Panel to address the question of when and how to unwind COVID-support measures to the banking system.